What type of orders is the Disciplinary Committee likely to scrutinize closely?

The Disciplinary Committee would closely scrutinize order entries that have the potential to affect artificial price levels due to their capacity to manipulate or distort market conditions. Such orders can create a false impression of market activity and mislead other traders about the real demand or supply for an asset. This scrutiny is essential to maintain market integrity and fairness, as artificial price levels can undermine the objective of transparent price discovery in trading environments.

Orders that impact pricing levels may include practices such as layering, where large orders are placed with the intent to cancel them before execution, thus misleading the market about the actual trading interest. This type of activity is particularly concerning for regulatory bodies ensuring that the trading environment remains fair and non-manipulative.

In contrast, large orders, orders executed without a trading partner, and long-term hold orders may pose less immediate risks to market integrity in terms of creating artificial price levels or other manipulative practices. While these could still trigger scrutiny depending on the context, they do not inherently show intent to manipulate the market like orders that affect artificial price levels do.